The Effingham Unit 40 Board of Education has set their tax levy for the current fiscal year. The levy was set based on an equalized assessed valuation (EAV) of $414 million, which is the estimated valuation of the property within the district. This amount is approximately a 6.25% increase over last year.
The Board also discussed a resolution that would declare the district’s intent to issue $670,000 in working cash fund bonds for the purpose of increasing the district’s working cash fund. This is in response to the belief that a tax freeze could occur in Springfield. If a tax freeze were to occurred, it would likely reduce the district’s Debt Service Extension Base (DSEB) by nearly half to $690,000. This fund is used for maintenence projects, and the amount that the district would be reduced to is not believed to be enough for future needs. By issuing the working cash funds, it would give the district the security needed for its DSEB. There was no vote on this resolution at the recent meeting, but that could come next month.
Also at the school board meeting, Superintendent Mark Doan noted that the district’s Education Foundation is currently discussing fundraising options. Doan also highlighted last week’s Veterans Day programs in the district.